Vårgrønn, a Norway-based offshore wind company, has completed its acquisition of a 27.4% stake in the operational Baltic 2 offshore wind farm, marking a significant milestone in the company’s growth strategy. This move strengthens Vårgrønn’s presence in the renewable energy sector and provides the company with essential operational experience in the fast-growing offshore wind market.
The deal, which also involved PGGM Infrastructure Fund, was finalized following the receipt of necessary approvals and fulfillment of all conditions. The German energy company EnBW now holds a majority 50.1% stake in Baltic 2, while Ärzteversorgung Westfalen-Lippe, Germany’s largest pension fund, retains a 22.5% indirect interest.
Located 32 km off the coast of Rügen in the German Baltic Sea, Baltic 2 has been operational since September 2015. The wind farm consists of 80 Siemens turbines, each with a capacity of 3.6 MW, and generates around 1,200 GWh annually, enough to power approximately 340,000 households. The wind farm plays a key role in reducing CO₂ emissions, contributing to the abatement of about 900,000 tonnes of CO₂ each year.
The partnership with EnBW will allow Vårgrønn to deepen its expertise in offshore wind operations. Stephen Bull, CEO of Vårgrønn, expressed the company’s enthusiasm for the acquisition: “Vårgrønn is pleased to enter Germany, one of the world’s largest offshore wind markets. This transaction provides Vårgrønn with a significant platform for further growth and important operational insight in a new market.”
Germany’s offshore wind market is set to grow rapidly in the coming years, with the government targeting 30 GW of offshore wind capacity by 2030. This ambitious goal positions Germany as one of Europe’s leaders in renewable energy, making it a key market for Vårgrønn’s future plans.
“Vårgrønn’s acquisition of Baltic 2 represents an important part of a broader growth strategy and provides us with invaluable operational insights,” said Bull. “We are very pleased to have closed this acquisition and look forward to working alongside our new partners in this exciting new chapter for the company.”
With this acquisition, Vårgrønn continues its expansion, bolstering its portfolio of offshore wind projects across Europe and cementing its commitment to the global energy transition.
Source: Vårgrønn
